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<br />it i N nxurnmunrdin lrir~iurt e~ri~ rt~r ~rvuwr. ~liare :yie arnnnntai nnm,~ntgagnp iituzruer;ucnnce prrsiaanr ,pert +.rralem ter provide, zurih It,oldrr
<br />a.•sth f4L~3 to pay vx-h pttmisxrrt t= tf-.e Set*ttary of Housrtg end Urban Develnp;nent pursuant to the
<br />tiarionai Hot4smg Act. as amended. and applirebte Rexulatiuns thereunder; ur
<br />fII) If and w iottg as said note of evrn date and this instrurrem are held by the Secretary of Housing and
<br />Urbart DtvtlopmetTt, a monthly t~rarge !in lieu ojn mortgage insurance premium/ which shall be in an
<br />am^^~t equal to one-twelfth {Ii I <') of exec-half 11 J2) per cennrm of the average ouutanding balance
<br />.e o;. +he note computed without taking into account delinquencies or prepayments;
<br />fb) A sum equal to the Bound rrnu, if any, next due, plus the premiums that will next become due and payable on
<br />policies of fire and other hazard insurance cover,'ng the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (a1f as estimated by the Mortgagee] less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />{c) Ail payments mentioned in the two preceding subsections of- this paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(1) premium charges under the contract of msurancr with the Secretary of Housing and Urban Development,
<br />or monthly charge (fn lieu ojrnortgage insurmtce premiuml, as the case may he:
<br />(II) ground rents, taxes, assessments, Lire and other hazard insurance premiuu~s;
<br />(HI) interest on the note secured 'hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payntrnt shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such payment, constitute an event of default under this mortgage- I-he
<br />Mortgagee may collect a "late charge" not to exceed lix:r cents IJJi for rack dollar (5I 1 u(cach payment more
<br />than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments.
<br />:3. That if the Wtal of the payments made by the \lortf;agtar under ri~r ul purakruph '_' preceding hail exceed
<br />the amount of payments actually made by the 41ortYaeee for emund rent,, taxes and a.~-~r~m.•nt.~ or in.~uranrr un~-
<br />miums, as the case may be, such excess, if the loam is current, .u the option of the Mortgagor. shall Ex• credited tw
<br />the 1lortgagoe on subsequent payments to be made by the 4lortgagor, ur n•tundcd to the 41urtKaKur IL howeter. the
<br />monthly payments made by the Mortgagor undt:r , t„ uF paragraph ?preceding .hall uw fx• suifictent to pav around
<br />rent, taxes and assessments or insurance pn•miam-, a-- the ca.~e may be, ++htyt the -ame >hall become due and pay•
<br />able, then the 4lortgagor shall pay to the 41ortKas;e4• ;rat ;rmount nrce.~aq to make up the doficit•ncy, un ur before
<br />the date when payment of such gmund trots, hues, a.-sc~sments or insurance pn•miums -hall be due. If at any
<br />lime the Mortgagor shall tender to the lkrrtgagee, in ac•curdunce with the pruti-ions of Ihr note ~rt-urcd ht•reby,
<br />full payment of the entin• indebtedness repn•sented themhy, the 41nnt;ueo hull, in computing the amt.unt of wc-h
<br />indebtedness, credit to the acctwnt of the 4lortgagor al! I?acme•nts m.ulr under tht lxucr~urrts u1 .~ ui par.tgr.y3t '.
<br />hereof which the 4brlfiaY,ee has nut tn•come uhligatt+d to p:4y to the '•ycret:try tit tlou-ietk .n41 t rfran t4s°.rltgxstcttt
<br />:tnd any bulant•c rrmainint; in the fund- nccumulaual under the pRnrvi~iuu~ of o[ para;;ruph ! ht•rtytf ff th:•re•
<br />shall be a default under :toy of the protrsion~ of this murt~uRe re.~ultine; tit a publu -:de ul' the ptrmt.o~ ausvnyl
<br />hereby, or if the 4lortgakee acyuin•~ the prupt•rty otherwise offer default, the 4harty:ty!er .hall applt_ .u the trmr tit
<br />the commencement of such pnrceodinKs, ur at the tJme the pntperp t~ olherwt~4• xcyutrayi, thR- €rafattre• then n•rnaar
<br />ing in the fund= ucc•umula[ed under : ? i of partgraptt :' pn•cedin f;, u~ :t cn•dit .tr;ainxt the- .tmuun4 :+€ prtuc rpaf then
<br />rr!maininK unpaid under .said nutt•, anti -hull properly udju-t :rny patntr•nt- ;thicfr ~ftall ,ate iit•rrr eFSxalr under --
<br />o( paragraph '?,
<br />d. •1 ha! the Mortgt4gau' wdl pt4S ;;tuand rent<, t:rxr+. asst„t:Trrtt+, voter ratE_. ,:rt:: tstft2r _ -.....----,u, .r F:?~..ia4f_~;€
<br />Charges, fine., ur imp.nrtion,, ftx which pet?+tsiurt ha+ nut i'ertt tttadr brretstbrf-,t~•. ~tt4t ._. btriau_t tt~€__ . ;~ 4€ ~ ~ ._a.
<br />pity the same; Nod that list 4luttg t,a ~ welt prutnptiV tiriivrr ihr utliar,d rr~ripi, ihcrcfa+r tt, rhr Meri~rr _
<br />S. The MurtYUeur will na} all loxes which ntay t+e lev4rd uu nt the 4lottgaFrr's t_t_ t t._ ~_ ~ - ! ~ 4 _+~a t• E
<br />mrnts, and which mu} ht levied upon Chis murtgryxe order drht,rcufrd hrrrbt that unl} ru the extent that ,a.h rs rMU r4 nays
<br />ed by law and unfiy to €hr eRTrot that such will trot make this loan wurinu,t. tairt rtcttufitrt; ~r:y tact-ur ::ri tidatr =~ f _-a_
<br />imposed on Mortgagrr, and will file Ihr otlicial rrcrrpr ,how ing ,uch pnyntrnl w rth rhr :4lur tgugrr. t p.+t::s.d-qa+ua tit tht, a44ekt
<br />taking, or it [hr Mortgagor is prohibited by any law now or hrrraftrt rxt,tinN f ram pat ing rhr whatlr t.r .ens ta:rtur+, ?d rhr -f,+rr
<br />said taxes, ur upon the rendering of any court decree prohibiting rhr pa} ntrnt by Ihr Mortgagor ur ant ,uttt to+e,• ++4 et ,tic h t,xvr
<br />or decree provides that any amount su paid h} the 4lortgagor ,hall he Credited tin rhr tnurtkayr debt, rhr 4lurty~:tgrr ,hat: rt;atr
<br />the right to give ninety days' written nutitr to rhr owner of rhr nturtgu;+lyd premises, tryuirin~ rhr paytnrnt of rhr ats,+rta~r
<br />debt. It such notice be given, rhr said debt shall become due. payable and cullrctiblr at rhr rxpiraliurt of ,a4d mnrtt .€a+,
<br />6. That should he fail to pay any sum or keep any covrnurit provided fur in this 4luttttar;,e, thru rhr 41,rrttwgrt..os t€3.,p.
<br />lion, may pay ur prrfarm the samr.:tnd all rxpendrturrs su nuydr shall hr added w rhr princtpal sttru uwmg un rhr .tt•s+sr n,uc
<br />shall hr secured hereby, and shall bear intrust at rhr raft set fi+nh in rhr ,aid note, unu€ patd
<br />•. 'T'hat hr herchy ussigtts, transkr, and acs user to rhr 4longugre, to hr .rf+plied h+warJ rhr pny strut tit rhr ttutr .=u.! -tip
<br />sum, srrured Iterehy in c•asr of a drf:udt in rhr prtfurmancr tit any of rhr term, and cundiuun+ of tht+ Maftguyr ref rhr ,.rt:i
<br />note, all the rents, rrveaues and incuntr to hr drritrd from rhr nrurtgatRrtl prcuusr, Jwing ,urh user a, rhr nun Itaxr nwlrhtes?
<br />nrss shall remain unpaid: utnd rhr Mortgagee ,hull have power to appuuu uus :trrst or ytrtus n taus dr~ttr fur rhr narps.~ ,+~
<br />repairing said premises and of renting the sarnr and cullectiug rhr rent,. revr,nue, and maumr, acrd rt aray p,,; .yet =>f =ard ur
<br />comes all expenses of rrpuiring said premises and necessary cumnussruns and expenses rncurrrd to rrnttrrg.uni utarrapeng tttr
<br />some and of collecting rentals thtrefram: the haluacr rrmnining, it an}, a. hr applied toward rhr dr,ch;uKr ni sari rrwttK:tttr
<br />indebtedness.
<br />g. That he will keep the impn?vrmrnts nave costing tit hrrraftrr reel test .=u rhr tart±rts;e~r.t Fta,t+ret~_- in_t=trJ ae „try =r}
<br />required from time to time by rhr Mortgagrr against loss ht lire and other ha~t4rd>, i;hualties atr41 curuutgrnCtrs ttt suf4
<br />amounts and fur such periods as may he required by the Mortgagee and will pay ftrumptly, whin due- ;uty prrnuum, tin such
<br />insurance provision for payment of which bus nut F?een made hrrrinhrfurr. All in,urauir ,hall t•r ran'ird m cnrnprtnres ap
<br />proved by rhr Mortgagee and rhr policies and renewals thereof sh:dt br held by the Mortgagrr :utd hstsr atrtchrd thrrrn+ lo+,
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In rveot of loss Mortgagor wdI Brut muncduur ounce M
<br />mail m the Mortgagee, who may make proof of loss if nut made promptly h} Mortgagor, anJ tech insuruncr company .un-
<br />cerned is hereby authorized and directed to make payment fur such loss directly to the Mortgagrr instead of to the Murtgugut
<br />and the Mortgagee jointly, and the insurance proceeds, or any part thereof, may to rtpplied by the Mortgagee arit+ upuon tuber
<br />u, the reduction of rhr indtMedness herthy secured or a? the rrstorrtion ur repair of rhr property damaged In csem of lurerlu-
<br />sure of this murtgugr or other transfer of title to the mortgaged property in extinguishment of rhr utdeMrdnr„ secure) hrtrht.
<br />all right, title and interest of the Mortgagor in and to any insurance polities then in force shat pas, tit rhr purchaser or gruttrr
<br />`t. That as additional and collates! security fur the payment of the note drscritxd, and all vents to become due under thn
<br />murigagr. rhr Mortgagor hereby assigns to t€te Mortgagee a!f profit.. revenues, royalties, rights and t+rnrhh aa:cruing w the
<br />4!ertgagtr; unaftr any s4nu all oil and gas Ir.asrs on said premises, with the rght to receive ;end receipt for the s:unr and apps}
<br />tfxm tc+ Acrid itxfet;ttdrtess as well before a. after default in the conditions of this mortgage, and the Mortgagee man demand. ,ur
<br />for and rtcr+.er any such payments when due anal Izuyubk• htst shut! not t+e required ,~+ to Ju fM_s asstgnrneat t, t+, tarnunata°
<br />:arse he.omr null ;nd said un._+n rc€rasr of thin mustgarr.
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